About this episode
If private equity generates alpha, why are investors still paying for beta?
In this episode, I sit down with Roger Vincent, Founder and CIO of Summation Capital, to break down portfolio construction, co-investing, and fee alignment in private equity. After more than a decade leading Cornell University’s multi-billion-dollar private equity portfolio, Roger shares why diversification in PE actually increases expected return, how elite endowments use co-investments to systematically reduce fee drag, and why most allocators are misaligned with the capital they steward. We also unpack Summation’s industry-first structure—charging carry only on alpha over a public benchmark and offsetting fees through a no-fee, no-carry co-investment program.
Highlights:
Why portfolio construction is the most underrated driver of returns
The false tradeoff between diversification and performance
Venture capital’s cyclicality vs. buyout stability
Why private equity beta is still expensive
Benchmarking PE against public markets for compensation alignment
Co-investments as a 600 bps fee arbitrage
The dangers of under-diversified direct investing
Behavioral finance and systematic co-investing
“Gather a bunch of hawks” — diversified specialization
Why double diversification destroys value
Paying carry only on alpha over a public benchmark
Guest Bio:
Roger Vincent is the Founder and CEO of Summation Capital. Previously, he spent 12 years at the Cornell University endowment, where he managed private equity investments through multiple market cycles and helped construct a highly diversified institutional portfolio.
Earlier in his career, Roger was a GP, giving him direct experience in underwriting, syndicating, and executing investments. His work focuses on alignment, portfolio construction, and bringing endowment-style investing to a broader set of asset owners.
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Sponsor:
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